Newark, July 04, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global precast concrete market is expected to grow from USD 136.22 billion in 2021 to USD 236.06 billion by 2030, at a CAGR of 6.3% during the forecast period 2022-2030.
Precast concrete is made by mixing, pouring, and hardening the concrete in a controlled setting using a disposable mold. The casted concrete is then delivered to the job site and utilized for engineering structures such as internal walls, basements, platforms, shafts, columns, pipelines, girders, and stairs. Prefabricated concrete parts are more cost-effective and feasible than in-situ concrete. By inserting steel connections in the concrete during the casting process, precast concrete elements may be bolted securely.
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They provide dimensional precision and the option of building one-of-a-kind and ground-breaking constructions of remarkable quality. As a result, precast concrete is commonly employed to construct low-cost projects with similar structures. It also benefits from allowing for building construction projects to be planned because the components may be adjusted.
Rapid urbanization and growing preference for domestic and industrial sectors are driving the worldwide precast concrete industry. With expanding environmental problems, precast concrete is increasingly being utilized to create structures and stadiums since it can be reused and recycled, minimizing the carbon effect of raw resources. Apart from that, governments worldwide are investing in infrastructure developments, which gives the market a bright outlook. They are also launching several programs to increase the use of precast concrete since it shortens the total project time and saves money on raw materials and labor.
Key players operating in the global precast concrete market are Komatsu Ltd, Kiewit Corporation, Laing O’Rourke, Balfour Beatty plc, ACS Group, Julius Berger Nigeria Plc, Red Sea Housing Services, Bouygues Construction, Taisei Corporation, Larsen & Toubro Limited, Elematic, LafargeHolcim, Julius Berger Nigeria, Cemex among others. To enhance their market position in the global precast concrete market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• LafargeHolcim agreed to buy Firestone Building Products from Bridgestone Americas for USD 3.4 billion in January 2021.
• Forterra Inc. purchased the Barbour Concrete Company and Barbour Building Systems businesses in July 2021.
• On December 14, 2020, Wells Concrete, the most significant firm in the United States area, combined with Spancrete Inc. to improve the precast industry. Their collaboration has helped them expand their business in Canada, New Mexico, and Colorado.
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The elemental construction dominated the market with a market share of 34.22% in 2021.
The construction type segment comprises permanent modular buildings, elemental construction, and reloadable buildings. The elemental construction segment led the market in 2021 with a market share of around 34.22% and 46.61 billion of market revenue. This expansion can be credited to factors such as rising private and public investments in global building infrastructure, as well as construction companies and skilled workers' keen interest in using individual precast components to build a complete architecture across the apartment buildings and non-residential construction industries.
The columns & beams accounted for the largest share of the market with 18.52% in 2021.
The element segment is divided into columns & beams, floors & roofs, pipes, paving slabs, utility vaults, girders, walls & barriers, and others. The columns & beams segment led the market in 2021 with a market share of around 18.52% and 25.22 billion of the market revenue. Precast columns and beams are widely employed in both the domestic and non-residential sectors, and they may be found in both construction and non-building constructions. Factors such as rising governmental and non - governmental infrastructure spending, especially in the developing economies of APAC, South America, and the Middle East, and growing preference for apartment buildings structures as a result of rapid urbanization have all led to the expansion in demand for precast columns and beams.
The non-residential sector accounted for the largest share of the market, with 37.4% in 2021.
The end-use sector segment is divided into residential, infrastructure, and non-residential. The non-residential segment led the market in 2021 with a market share of around 37.4% and a 50.94 billion market revenue due to a rise in investing in infrastructure commercial building projects. Precast concrete will be in the high market for new projects because of endurance, easy maintenance, cost-effectiveness, and shorter building time.
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Regional Segment Analysis of the Precast Concrete Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global precast concrete market, with a market share of around 40.12% and 54.65 billion of the market revenue in 2021. Due to several prominent players in this region, Asia-Pacific is the most significant contributor in terms of market revenue. Increasing population, growing urbanization, and the building industry are the primary drivers driving regional industrial growth. New building developments with better resource alternatives for the commercial and residential sectors boost demand for precast concrete in numerous APAC nations.
About the report:
The global precast concrete market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each detail. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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